Madoff trustee tries to block investor settlement

Irving Picard said allowing the $80 million settlement will thwart his efforts

Irving Picard, the trustee working to recover funds for victims of Bernard Madoff, is asking a judge to block a settlement reached with the founders of Fairfield Greenwich Group. Picard says the investors funneled billions of dollars to Madoff.

Picard said in court documents that if the settlement proceeds, it will “thwart the Trustee’s efforts to recover funds for equitable distribution to the victims of the Ponzi scheme.” The settlement with Fairfield, reached last month, represents a “substantial portion” of what the Fairfield defendants might recover, court documents said.


Cathleen Flahardy

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